Virgin Money reduces rates for FTBs

Rate cuts have also been applied to its 85% LTV mortgages by up to 0.70% available from 4.09% and i80% LTV products from 3.59% all with a product fee of £995.

Anthony Mooney, savings and mortgage director at Virgin Money, said: “Virgin Money is committed to supporting borrowers with smaller deposits including first-time buyers. The significant reductions we have made to the rates on our higher LTV mortgages will help make it easier for them to get their foot on the property ladder.”

Reductions have also been made at lower LTVs. On 2-year fixes at 60% LTV rates are available at 2.64%, with a £995 product fee, with the equivalent at 70% LTV available from 2.75%.

A 75% LTV the 2-year fixed rate has been reduced by 0.30% to 2.99%.

Further reductions have also been made to the fee saver range of products with a 2-year fixed rate at 90% available at 5.39%, a reduction of 0.80%.

The equivalent 85% LTV product is available at 4.59% and the 80% LTV product is available at 3.99%, a reduction of 0.49% and 0.59% respectively.

A number of updates to the buy-to-let range have also been made. A 2-year fixed rate up to 60% LTV will be available at 3.89%, or up to 70% LTV at 4.25%.

Both products have a £1,995 product fee. For those products with a £995 product fee a 2-year fixed rate up to 60% LTV will be available at 4.45% and up to 70% LTV at 4.59%.

Cashback of £500 remains available across all buy-to-let products.